At the 2014 Advisor Network Summit in Las Vegas, Brandon Stuerke, CRPC, president of Columbia, Mo. based Golden Financial Group, LLC, addressed why many advisors are asking the wrong marketing questions, how consumers make their decisions, and what strategies advisors can employ to motivate prospects to make a decision before they even walk through your door.
To begin, Stuerke noted that advisors face two major sales and marketing challenges:
1. Their marketing funnels have massive holes.
Most advisors are asking the question, “How do I generate leads?” Or if they have enough leads, “How do I generate more quality leads?” That’s the wrong question. Unfortunately, many marketing strategies have massive holes. Take direct mail campaigns, for example. The usual model goes like this: prospects RSVP, attend the seminar, set up an appointment, show up for the appointment, and then become a client. But some prospects RSVP and don’t show up. Some people who attend the seminar don’t make an appointment. And some who come in for an appointment say, “Thanks for the information. I’d like to think about it,” and never become a client.
2. Their marketing strategies are out of touch with today’s consumer.
Consumers are moving to the Internet to get their information. Who wants to attend a seminar for information they can find online? Advisors have so much knowledge to offer, but if you can’t get your message out to people who need to hear it, it does them no good and it does you no good.
There are two ways people make buying decisions:
External decisions: When people sell them or convince them. Consumers are afraid to be sold. They don’t like feeling pressured.